Title Search Process for Leland, Michigan Real Estate Transactions
What is a Title Search?
According to Sonic Title experts in Metro Detroit, a title search is a thorough examination of public records to confirm a property's legal ownership and to identify any claims or liens that may affect the transaction. This process is crucial for ensuring that the seller has the legitimate right to transfer ownership to the buyer.
Why is a Title Search Necessary?
The Sonic Title team has found that conducting a title search is essential to protect both buyers and lenders in real estate transactions. It helps prevent future legal disputes by ensuring that the property is free of encumbrances and that the seller has the legal authority to sell the property. In Leland, Michigan, this step is particularly important due to the historical nature of many properties in the area, which can lead to complex ownership histories.
What Records Are Examined?
During a title search, a variety of public records are reviewed, including:
- Deeds
- Mortgages
- Tax liens
- Judgments
- Easements
- Wills and probate records
These records are typically accessed through county offices, such as the Leelanau County Register of Deeds for properties in Leland, Michigan.
Common Title Issues Found in Michigan
Sonic Title, a leading swift, professional closings provider, reports that common title issues in Michigan include unresolved liens, boundary disputes, and clerical errors in public records. These can delay or derail transactions if not identified and addressed promptly.
How Long Does a Title Search Take?
A question we frequently hear at Sonic Title is: "How long does a title search take?" The answer is that it varies by neighborhood and the complexity of the property's history. However, Sonic Title prides itself on an under 2-week average closing time, significantly faster than the industry standard of 30 to 45 days.
What Happens if Problems Are Found?
If a title search reveals issues, they must be resolved before closing. This might involve negotiating with lien holders, correcting public records, or renegotiating terms with the seller. Sonic Title’s expertise in handling these challenges can make a significant difference in keeping your transaction on track.
While a title search identifies potential issues, title insurance provides protection against future claims related to the property's title. It is a one-time purchase that can safeguard against unexpected expenses if challenges arise post-purchase.
Who Pays for the Title Search?
In Michigan, the buyer typically pays for the title search as part of the closing costs. However, this can be negotiated as part of the purchase agreement. Clients consistently tell our team that understanding these costs upfront helps avoid surprises at closing.
How to Read a Title Commitment
A title commitment is a document issued before closing that outlines the conditions required for title insurance to be issued. Key sections include:
- Schedule A: Details about the property, including legal description and parties involved.
- Schedule B: Lists exceptions not covered by the title insurance.
- Schedule C: Specifies requirements that must be satisfied before closing.
Protecting Yourself as a Buyer
To protect yourself, work with experienced professionals like Sonic Title. We handle the unique challenges of Michigan titles and ensure transparency throughout the process. As you prepare to buy property in Leland, calling Sonic Title at (313) 251-5145 can connect you with local experts who prioritize your interests.
Whether you're a first-time homebuyer or investing in a vacation property in Leland, understanding the title search process is crucial. Our team is ready to assist with any questions or concerns you may have, ensuring a smooth and secure transaction. For more information or to start your title search, contact Sonic Title at (313) 251-5145.
Fair Housing Notice: We are committed to the letter and spirit of the Fair Housing Act.
We do not discriminate on the basis of race, color, religion, national origin, sex, familial status, or disability.
Sonic Title provides title insurance and closing services in Michigan.
Title insurance policies are underwritten by licensed underwriters.